French firm commits P1.5B investment for shipyard project in PHL —DTI

A French company has pledged P1.5 billion in investments for a shipyard project in the Philippines, the Department of Trade and Industry (DTI) said Friday.

In a statement, the DTI said the commitment by OCEA, a shipbuilding company in northwest France, was revealed during the 9th Philippines-France Joint Economic Committee (JEC) meeting held on July 2 via video-conference.

During the meeting, OCEA chief executive officer Roland Joassard formally expressed in the presence of Trade Secretary Ramon Lopez and French Minister for Foreign Trade and Economic Attractiveness Franck Riester the company’s intent to set up a shipyard in the country.

The shipyard, the DTI said, is seen to potentially create 500 to 600 direct and indirect jobs.

The Philippine and French officials also discussed high-level economic and bilateral cooperation covering agriculture; civil aviation, aeronautics and space; creative industries; electronics; energy and green technology; and infrastructure and transportation, and the maritime and shipbuilding sectors between the two countries.

Meanwhile, Riester also presented to Lopez three letters of intent confirming financial support for upcoming projects with the Department of Transportation; financial aid in support of a training boat contract for the Philippine Merchant Marine Academy (PMMA); and a possible maritime expert proposal.

On the other hand, Lopez handed over to the French Trade minister, a letter from the Bases Conversion Development Authority for the next-phase study of the Clark Fresh Food Hub, and another letter conveying strong interest for the renewal of technical training programs from the Civil Aviation Authority of the Philippines addressed to the Directorate General of Civil Aviation. 

During the JEC, French space agency, Centre National d'Etudes Spatiale extended an invitation for the newly-created Philippine Space Agency to join the Space Climate Observatory Initiative, group of space agencies and international organizations that endeavor collectively for “accurate assessment and monitoring of the consequences of climate change from observations and numerical models.”

The Centre National du Cinema and the Film Development Council of the Philippines also proposed continuing projects in film and animation that have already seen Philippine-made content gain attention in top French animation trade fair events in Annecy this year through the local film council's partnership with French creative groups. 

Both countries also identified specific projects on dairy development, geographical indications, and control and eradication of African Swine Fever in the agriculture sector, and areas for market access as the Philippines and France prepare for a future bilateral agriculture meeting.   

Energy projects were also identified by both countries as they intend to explore alternative energy cooperation ventures. -MDM, GMA News